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A CPA is interested in testing the fairness of the ending inventory balance at an audit client. He has relatively little experience using statistical sampling methods and, does not like to turn anything over to random chance. He used a judgmental sample of selecting items for testing. He selected 26 items with a total book value of $720,000. In his sample he found a combined $80,000 in overstatement errors. The book value of inventory on the client's record is $1,090,000. Overall materiality for the engagement is $500,000. His policy is to use 50% or less of overall materiality as tolerable misstatement for any one account.
a) What is your opinion of the method of selecting his sample?
b) Evaluate the results. Does he have sufficient evidence to conclude the balance is fairly stated
c) Provide recommendations to the CPA about how to select and evaluate a sample for testing inventory.
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Emu Company, which was formed in 2010, had operating income of $200,000 and operating expenses of $120,000 in 2010. In addition, Emu had a long-term capital loss of $10,000.
what is effect on the Karl's individual income tax with the following conditions?( tax year 2011)
Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000.
Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. What is the predetermined overhead rate to be used in each department? Show comp..
Many times the sale of inventory is referred to as upstream and downstream. However, how is it treated if it is from one sub to another? Is the sale of inventory from one sub to another treated in the same manner as an upstream or downstream sale?
Calculate the NPV, and the Profitability Index (PI) for this project. Should this project be undertaken?
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct and indirect method.
Calculate the tax disadvantage to organizing a U. S. business today, after passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003, as a corporation versus a partnership under the following conditions.
What is XBRL? How will it effect financial reporting? Please Explain. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain.
Compute the weighted-average number of shares to be employed in computing earnings per share for 2013.
Identify the five components that comprise pension expense. Briefly explain the nature of each component. What is a private pension plan? How does a contributory pension plan differ from a noncontributory plan.
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